Oil, Gasoline Slip After Larger-Than-Expected Inventory Builds
- U.S. crude stockpiles rose to highest in almost two months
- Gasoline supplies climbed for a fourth straight week: EIA
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Oil fell the most in more than two weeks after U.S. crude and gasoline inventories expanded more than expected.
Crude and gasoline futures slid for a second day in New York on Wednesday. U.S. stockpiles of oil in tanks and terminals rose more than most analysts in a Bloomberg survey expected, while gasoline reserves swelled at four times the predicted rate. Helping to feed the gain in crude stockpiles was yet another increase in domestic crude output to yet another record.